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Issues

American Taxpayer Relief Act

The American Tax Relief Act of 2012

• Permanent extension of income tax rates for those making below $400,000/$450,000; income tax rates on those making above those thresholds would revert to 39.6% from the current 35%
 
• Permanent extension of current capital gains and dividend rates of 0% and 15% for those making less than $400,000; 20% for those making $400,000+

• Payroll tax holiday expired

• PEP and Pease reinstated for individuals making more than $250,000 and families making more than $300,000

• Estate Tax will increase from 35% to 40% for estates valued at over $5 million.

• Permanent AMT patch

• Five-year extension of the American Opportunity Tax Credit, Child Tax Credit, and Earned Income Tax Credit.

• One-year extension of 50% bonus depreciation

• Two-year extension of the research and experimentation tax credit and one-year extension of the wind production tax credit

• One-year extension of Unemployment Insurance (no offsets)
 
• Two-year extension of tax extenders (2012 retroactively and 2013)

• One-year Medicare (SGR patch) offset

• Sequester delayed two months


Read the full Bill Text here.

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